Considerations for Compensation and Benefits

1442 WordsJul 3rd, 20126 Pages

Considerations for Compensation and Benefits

Abstract
Compensation is one of the most important considerations perspective employees will make prior to accepting a job offer. For this reason, another performance of Human Resource (HR) professionals is the compensation analysis. The focus of the analyst in this position is to use strategy in formulating compensation and benefits packages that are attractive and conducive to maintaining talented employees (Editorial Board, 2011). As another critical service of HR experts, this document will explore the types of benefits and compensations companies use to meet certain criteria of employees. This work will also provide insight on the ways in which these packages are designed to attract…show more content…

It is not uncommon for these organizations to base pay grades on knowledge or skills of the employee (Forsyth, 2012).
Other approaches to generating the compensation and benefits plan may include a balanced sheet approach, global market approach, or even a tax equalization approach. Independent of these concepts, though, Human Resources professionals follow a particular set of equations for generating compensation (Forsyth, 2012). The following chart reflects the metrics for compensation from the HR perspective: (Forsyth, 2012).
Private and Public Sector Packages Another, yet debated, topic that affects compensation and benefits will be the sector of the job. By this, we are looking at private and public sector jobs. Public sector jobs are those which are owned and operated by the government. They may be non-profit organizations. Private sector jobs are those which are provided by citizen-owned, for-profit, organizations. It has been debated for years as to whether public sector employees are compensated more “fairly” than private sector employees. However, if you consider the unlimited resources of the government-owned organization versus that of the privately owned company, it would seem more understandable as to why this variance exists. While both private and public sectors may have similar policies, or indirect compensations and benefits, they may vary in terms of time. For

Compensation and Benefits Plan
Companies welcome employees to their organizations through job proposals that should set the tone for a good working relationship. Companies spend tremendous amount of time and resources seeking and attracting high quality talent and people who will hopefully contribute to the long-term success and future growth of the organization. Compensation and benefit packages can be strategic tools that reflect an organization’s commitment to the employee. They should be designed…

Compensation and Benefits
Lisa Epps
BUS303 Human Resources
Due Date
Ashford University
There are many people that would choose their life career around the benefits and compensation they may receive. Compensation is known as human resources function that deals with every type of rewards that one may receive in return for performing organizational tasks.()1
Do to these rewards such as compensations; turn-over can be affected in the workforce. If an employee did not feel they valued at the…

doubt that employee compensation, which according to Dessler refers to all forms of pay or rewards going to employees, is the crucial factor in employee motivation. There are different two types of compensation: direct and indirect compensation.
Direct compensation refers to monetary benefits offered and provided to employees in return for doing their job. The most common forms of direct compensation are wages, salaries, incentives, commissions and bonuses.
Indirect compensation refers to pay in the…

Compensation and Benefits Strategy
Landslide Limousine (LL), a small business in Austin, Texas, hired Atwood and Allen Consulting (AAC) to conduct a market evaluation and provide recommendations for the following: a position in the market, a compensation structure, a total compensation and benefits strategy, and performance incentives and merit-based pay to recognize and engage employees. This will help to identify applicable laws related to pay and benefits. This paper includes citations from…

Enterprises: Compensation & Benefits Management
BUS434: Compensation & Benefits Management (BWO1312A
HOLLAND ENTERPRISES: COMPENSATION & BENEFITS
With the changing economy it is important that Holland Enterprises improves their benefits and compensation plans for their employees. Holland Enterprises employs 3,500 employees, but since 2007 has lost 25% of its staff. Exit interviews indicate the primary reason a majority of these employees have resigned is because of a compensation and benefit system…

Course Project
The Compensation and Benefits of the Dooly County School System
[pic]
Renee Bowens
HRM430
Professor Eureka Hampton
August 16, 2009
DeVry University
Abstract
This report will show what compensation and benefits are offered to the employees of Dooly County. It will also show how a sick leave bank would benefit the employees that have exhausted their sick and personal leave days in order to care for themselves or their families. I hope this paper will show readers that…

Compensation and Benefits System
of Microsoft
MGMT 365
February 23, 2014
Compensation and Benefit System of Microsoft
Microsoft was founded in 1975, and is the worldwide leader in software, services, and solutions (Career). Microsoft is proud to offer great products and employ outstanding people. Previous Microsoft CEO, Steve Ballmer once said, “There are many things that are true about Microsoft. We have big goals, big dreams, and big aspirations for the future. We are both competitive…

AND BENEFITS
Compensation and Benefits in the Twenty-first Century
Abstract
Team platinum will explore compensation and benefits in the 21st century. Any review of total compensation must include the crucial areas of health and retirement benefits and financial compensation, as well as discuss the implications of pivotal changes in the market and demographics which impact organizations and overall performance management issues. There are several different compensation and benefit strategies…